The Bitcoin price has experienced a significant rally, outperforming traditional assets such as gold and stock indices like the S&P 500 and NASDAQ. Bitcoin’s year-to-date leap of 110% indicates a new era for cryptocurrency, with BTC being referred to as “digital gold” and gaining institutional support. BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview The correlation between Bitcoin and gold is 0.8, suggesting that gold is trying to catch up to Bitcoin’s performance. The rally has led to a transition for Bitcoin holders from unrealized losses to profits. Despite potential market consolidation or pullbacks, long-term investors are remaining steadfast, as indicated by declining Coin Days Destroyed. The lack of movement in wallets holding significant amounts of Bitcoin also suggests a bullish outlook or a defensive strategy against economic uncertainties. The Federal Reserve’s decision to maintain interest rates reflects a cautious economic approach, while the manufacturing sector’s downturn and slower job creation and wage growth indicate a shift in labor market conditions. Traders should be aware of potential spikes in volatility, especially for leveraged positions. Source: NEWSBTC

TRX, the native token of the Tron blockchain, has experienced significant price gains, reaching $0.09778 and showing a four-week growth of over 13.53%. Its 24-hour trading volume has also increased by more than 26%.  In a notable development, a large transfer of 1.999 billion TRX tokens was detected by Whale Alert, moving from Binance to an unknown destination. This transaction, valued at approximately $194,212,058, has raised questions and speculation among market participants.  🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 1,999,000,000 #TRX (194,212,058 USD) transferred from #Binance to unknown wallethttps://t.co/vEuLQCvhFb — Whale Alert (@whale_alert) November 6, 2023 However, Binance has clarified that the movement of TRX tokens is related to maintenance operations on its Tron network wallets, ensuring the safety of users’ funds. TRX is among the top ten cryptocurrencies and has a market valuation of over $8.6 billion. It is now approaching the $0.1 mark. Source: Coin Edition

Following the ongoing legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC) regarding the classification of Ripple’s XRP token as a security, there is a high possibility of a settlement between Ripple and the SEC and the views of prominent lawyer and XRP supporter John E. Deaton.  XRP market cap currently at $34.542 billion. Chart: TradingView.com Deaton believes that if Ripple ends up paying $20 million or less in settlement, it would be a 99.9% legal victory for Ripple. The article also mentions that Ripple has already secured a partial victory in court regarding the sales of XRP to retail investors.  The next step in the case is to determine the classification of early sales of XRP to institutional investors. The article emphasizes that the outcome of this legal battle will have significant implications for the crypto industry as it will provide clarity on how the SEC determines if a digital asset qualifies as a security. Source: BITCOINST

There is a possibility of Bitcoin surpassing $35,000 by Christmas and Jerome Powell, the Chairman of the Federal Reserve, is credited for this potential surge. The Federal Reserve recently decided to maintain interest rates, which has eased concerns in the market.  If the Bureau of Labor Statistics’ inflation reading on November 14 indicates a downward trend, investors may expect a cut in interest rates, leading to increased investments in risk assets, including cryptocurrency. Furthermore, the approval of the first U.S.-based Bitcoin spot exchange-traded fund (ETF), likely to occur before January 10, is expected to provide a significant boost to Bitcoin and other cryptocurrencies. However, potential obstacles such as higher inflation in the U.S. and geopolitical tensions are important factors. Despite the challenges faced by the crypto market, Bitcoin has already experienced substantial growth this year, although many investors still have year-on-year losses. Nonetheless, the article emphasizes the resilience of the crypto market and its positive ending to the year. Source: Cointelegraph

According to prominent cryptocurrency analyst Dmitry Noskov from StormGain, Ethereum (ETH) is expected to experience significant growth by the end of 2023. Noskov predicts that the cryptocurrency market will continue to grow throughout the year, driven by the forthcoming Bitcoin halving in 2024.  He believes that Ethereum could reach a target price of $1800-$1900 and potentially break the psychological level of $2000. Noskov attributes this positive outlook to the excitement surrounding the potential approval of a Bitcoin spot exchange-traded fund (ETF), which has had a positive impact on other cryptocurrencies, including Ethereum.  ETH currently traded at $1,797 in the daily chart | Source: ETHUSDT on Tradingview.com Other analysts have also expressed optimism about Ethereum’s price performance, with some predicting a year-end price of $2451, representing a 30% price surge from the current level. In the long term, experts forecast that Ethereum could reach $5845 by the end of 2025.  The successful upgrade to proof of stake and its efficiency and deflationary nature make Ethereum an attractive investment choice for both institutional and retail investors. As of the time of writing, Ethereum is trading around $1797 and is expected to rise further if it surpasses the resistance level at $1850. Source: NEWSBTC

According to an analysis by crypto analyst Ali Martinez, Dogecoin is expected to experience a massive breakout, potentially reaching $1.6. The analyst shared a chart showing a trajectory for the price of Dogecoin, starting at the current level of $0.069 and projecting a series of surges and retracements that ultimately lead to the $1.6 target.  The analysis suggests that Dogecoin’s bullish outlook is reinforced by the breakout from a multi-year descending triangle pattern on the weekly chart. However, it should be noted that this surge is expected to occur in the second half of 2024, after the completion of the Bitcoin halving and during the anticipated bull market.  While Martinez’s prediction is bullish, another analyst has previously forecasted an even higher surge to $14 for Dogecoin. Both predictions indicate a shift in sentiment from bearish to bullish for the meme coin, and the Dogecoin Fear & Greed Index also reflects a greed sentiment among investors. Currently, Dogecoin is trading at $0.069 and has shown modest gains in the past week.  Source: BITCOINST

A report has been released discussing the future potential of Solana (SOL) in the blockchain industry. The report highlights Solana’s dominance in the Smart Contract Platforms (SCPs) sector, noting its high throughput and scalability compared to other blockchains. Total crypto market cap currently at $1.24 trillion. Chart: TradingView.com  Solana’s ecosystem has also seen a surge in decentralized applications (dApps) and projects, further solidifying its position in the industry. The report predicts significant adoption of SCPs in the future, positioning Solana as a key player. However, the report also emphasizes the need for a groundbreaking application to drive exponential growth. Solana is seen as the most fitting platform to fill this role and lead the sector’s transformative growth. Another analysis by Artemis, an institutional digital asset data platform, supports Solana’s impressive performance and positive growth trajectory. Overall, both reports shed light on Solana’s resurgence and considerable potential in the blockchain market. Source: NEWSBTC

Bitcoin has surpassed the $34,000 mark and various analysts have shared their predictions for its future trajectory. Michaël van de Poppe, CEO of MN Trading, believes that if Bitcoin breaks out from the resistance at $34,700, it could rise to $37,000 to $38,000.  BTCUSD is currently trading at $34.142. Chart: TradingView.com CryptoTony suggests that Bitcoin might spike up to $36,000 before entering a range-bound phase. Another analyst, CryptoCon, mentions the significance of the upcoming Bitcoin Halving event and remains bullish on Bitcoin, predicting a potential price of $45,000 by November.  Crypto Rover identifies a bull flag breakout on the charts, indicating the possibility of a significant rally. Bitcoin’s recent performance has shown a decoupling from the stock market, with Bitcoin experiencing significant gains in October while the Nasdaq and S&P 500 have had more modest increases.  Additionally, Bitcoin’s dominance in the overall cryptocurrency market is nearing 54%, indicating its continued strength compared to other cryptocurrencies like Ethereum. Source: NEWSBTC  

The Ethereum price recently found support near $1,750 against the US dollar and has started to rise again. It is currently attempting to break above the $1,850 resistance level. The price is trading above $1,780 and the 100-hourly Simple Moving Average. Source: ETHUSD on TradingView.com There is a bullish trend line forming with support near $1,795 on the hourly chart. If Ethereum clears the resistance levels at $1,825 and $1,850, it could continue its rally. The next key resistance levels to watch are $1,880 and $1,950, with the potential for further gains towards $2,000. However, if the price fails to break the $1,825 resistance, it may experience another decline. The immediate support levels are $1,800 and $1,750, followed by a stronger support near $1,740 and the 100-hourly Simple Moving Average. The technical indicators, such as the MACD and RSI, suggest a bullish momentum for Ethereum in the short term. Source: NEWSBTC